Asset Analysis at 30.06.05

JPMorgan Fleming Mercantile IT PLC
12 July 2005

                      ASSET ANALYSIS AS AT 30th June 2005



JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST plc

                                                          % funds as at 30/06/05
UK FTSE 100                                                                    3
UK FTSE 250 (excluding IC's)                                                  78
FTSE Small Cap (excluding IC's)                                               17
IC income and capital shares                                                   0
Other IC's                                                                     0
International equities                                                         0
Cash and Fixed Interest                                                        2
                                                                             100



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